LiveMore has removed the maximum age and increased the term across its range of standard mortgages.
The removal of the maximum borrowing age applies across LiveMore’s standard capital & interest and standard interest only mortgage ranges, which were previously up to 85 and 80 years respectively.
LiveMore has also increased the maximum mortgage term across its standard ranges to 40 years, up from 30 years on interest only and up from 35 years on capital & interest.
The lender’s minimum age for sole applicants is 50 years for standard and retirement mortgages. For joint applications, where one applicant is aged 50 or older, the second applicant can now be a minimum of 45 years old.
The changes are part of LiveMore’s mission to give borrowers in the 50 to 90 plus age group more choice and inclusivity in the mortgage market. LiveMore’s entire range now has no maximum age limit including its Retirement Interest-Only (RIO) and lifetime mortgages.
Samantha Ward (pictured), LiveMore’s head of proposition strategy and development, said: “We understand that borrowing later in life is often necessary for many different reasons, and that income can come from a variety of sources. We therefore feel it is much fairer to assess borrowers by their ability to make their repayments rather than on their age. By removing the upper age caps and extending our mortgage terms, we believe we can assist a wider range of customers who are just as creditworthy as any other segment of the market.”
LiveMore has no minimum income requirement on capital & interest and interest-only mortgages, however, for interest-only mortgages minimum equity rules apply.
